Coinbase tokenized stocks launch on Base with 1:1 backing

Coinbase has moved four U.S. equity tokens onto Base, the link" href="/prices/ethereum">Ethereum layer‑2 network, under the B20 standard. Each token is backed 1:1 by a real share held in segregated regulated custody, allowing eligible non‑U.S. investors to trade the assets around the clock.

Supported tickers and legal structure

The initial list includes NVIDIA (NVDAc), Meta (METAc), Apple (AAPLc) and Alphabet (GOOGLc). A separate prospectus and contract address are published for each token, and holders must verify the official address before purchasing.

Each B20 token represents a beneficial interest in an underlying share, not a synthetic contract. Coinbase Onchain SPV Ltd., incorporated in the Abu Dhabi Global Market (ADGM), issues the tokens. Alpaca Securities acts as broker‑dealer and custodian, holding the underlying shares in a segregated trust account.

On‑chain use and DeFi integration

After issuance, the tokens can reside in self‑custodial wallets and interact with DeFi protocols on Base. Integrated services include Aerodrome for liquidity, Aave, Morpho and Euler for lending, and DEXs such as 0x, 1inch, KyberSwap and CoW Swap for swapping. Chainlink provides price feeds, while LI.FI and Jumper enable cross‑chain transfers.

Tokens can be traded outside U.S. market hours, including weekends and holidays, though price divergence from the underlying shares is possible when primary markets are closed.

Dividends, redemption and voting

Dividends received from the underlying companies are generally reinvested into additional shares after applying U.S. withholding tax (30% for non‑U.S. holders unless reduced by a treaty) and a 5% distribution fee. Verified holders may request redemption in the underlying stock, USDC or U.S. dollars, subject to a 0.05% fee and compliance checks.

Token holders do not automatically receive voting rights, but verified holders can submit voting instructions to the issuer, which may vote on their behalf where permissible.

Regulatory scope

The tokens are offered under Regulation S and are not available to U.S. persons, as they have not been registered under the U.S. Securities Act. U.S. investors must use Coinbase’s traditional brokerage services for conventional stock trading.

Future listings

Base plans to add more tickers in the coming weeks, using the same B20 framework, which allows existing DeFi integrations to support new assets without additional development.